JPMorgan Chase third-quarter net income rises 6% to $15.3 billion on higher revenue

JPMorgan Chase & Co. (JPM) reported third-quarter 2026 net income of $15.3 billion, up 6% from a year earlier, the company said in an 8-K filed Tuesday. Diluted earnings per share were $5.57, and managed revenue was $50.9 billion, up 8%.

The company held an earnings presentation on Tuesday and furnished the slides as Exhibit 99 to the filing.

Here's how the company did:

• Net income: $15.3 billion, up 6% from a year earlier
• Diluted earnings per share: $5.57, up $0.50 from a year earlier
• Managed revenue: $50.9 billion, up 8% from a year earlier
• Expense: $27.3 billion, up 12% from a year earlier
• Credit costs: $2.7 billion, down $0.7 billion from a year earlier

Net interest income was $27.1 billion, up 13% from a year earlier. Noninterest revenue was $23.8 billion, up 3%.

Results included $658 million of net investment securities losses in Corporate, or $498 million after tax and $0.18 per share. Excluding those losses, net income was $15.8 billion, earnings per share were $5.75, and return on tangible common equity was 21%, against 20% reported.

Lines of business

Here's how the company's lines of business did during the quarter:

• Consumer & Community Banking: net income of $5.7 billion, up 13%; revenue of $21.2 billion, up 9%
• Commercial & Investment Bank: net income of $8.2 billion, up 20%; revenue of $22.7 billion, up 14%
• Asset & Wealth Management: net income of $1.8 billion, up 11%; revenue of $6.9 billion, up 14%
• Corporate: net loss of $455 million; revenue of $93 million

Markets revenue was $10.3 billion, up 15% from a year earlier. Equity Markets revenue rose 49% to $5.0 billion, while Fixed Income Markets revenue fell 4% to $5.4 billion.

Investment banking revenue was $3.1 billion, up 15%, largely driven by higher advisory fees. Payments revenue was $5.6 billion, up 14%.

Assets under management reached $5.2 trillion, up 13% from a year earlier, and client assets were $7.9 trillion, up 15%. For the quarter, long-term net inflows were $51 billion and liquidity net inflows were $42 billion.

Expenses and credit

Expense was $27.3 billion, up 12% from a year earlier. The increase was predominantly driven by higher compensation, including revenue-related compensation and growth in the number of front office employees, along with higher brokerage expense, distribution fees, marketing expense and technology expense.

Credit costs were $2.7 billion. Net charge-offs were $2.2 billion, down $389 million from a year earlier, and the net reserve build was $539 million. Firmwide legal expense was $63 million; adjusted expense, which excludes it, was $27.2 billion.

Capital and balance sheet

The standardized CET1 capital ratio was 13.9%, down from 14.8% a year earlier. The advanced ratio was 14.1%. CET1 capital was $304 billion.

Average loans were $1.6 trillion, up 10% from a year earlier and 2% from the prior quarter. Average deposits were $2.7 trillion, up 8% from a year earlier. Tangible book value per share was $112.64, up from $105.70 a year earlier.

The company paid a common dividend of $4.4 billion, or $1.65 per share, and made $664 million of net common stock repurchases. Its net payout over the last twelve months was 61%.

2026 outlook

For 2026, the company expects net interest income of about $106.2 billion. That figure combines $78.2 billion year to date with a fourth-quarter outlook of about $28 billion, which the filing says is market dependent.

The outlook also puts net interest income excluding Markets at about $97.2 billion, adjusted expense at about $108.6 billion, and the Card Services net charge-off rate at about 3.2%. Adjusted expense is $81.1 billion year to date, plus about $27.5 billion in the fourth quarter.

The outlook slide carries a headline of net interest income excluding Markets of about $107 billion, which does not match the $97.2 billion in its table. The text does not explain the difference, and the filing includes no executive quote on the results.